The BRICS group

The BRICS group, comprising the world’s five major developing economies, has overtaken the Group of Seven (G7) by making up a larger share of the global gross domestic product (GDP) based on purchasing power parity, data compiled by Acorn Macro Consulting, a UK-based macroeconomic research firm, shows.

According to the findings, the bloc of BRICS countries (Brazil, Russia, India, China, and South Africa) contributes 31.5% of the world’s GDP. Meanwhile, the G7, consisting of the US, Canada, France, Germany, Italy, Japan, and the UK, and considered the most advanced economic bloc of countries on the planet, add up to 30.7%.

The gap between the two groups is expected to grow, analysts say, as China and India are experiencing robust economic growth, and more countries are interested in joining BRICS.

#brics #brazil #russia #india #china #southafrica #groupof7 #groupofseven #G7

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